Michael Saylor is still on the hook for alleged tax evasion, says MicroStrategy filing The Office of the Attorney General for the District of Columbia in the United States is moving forward on a lawsuit against business intelligence firm MicroStrategy executive chair Michael Saylor related to tax evasion. According to a Feb. 28 filing with the U.S. Securities and Exchange Commission, MicroStrategy said the court had not dismissed a […]
Brazilians Will Be Able to Pay Taxes With Crypto Brazilians will now be able to pay part of their state taxes using cryptocurrencies. Banco do Brazil, a mixed ownership bank, is launching the option of paying a set of taxes with crypto, using Bitfy, a Brazilian cryptocurrency startup, as a payment processor, exchanging the cryptocurrencies paid for Brazilian reals on the fly. Brazilians Will […]
Tax strategies allow crypto investors to offset losses 2022 was tough for the crypto market. A recent report published by security services platform Immunefi found that the crypto industry lost a total of $3.9 billion in 2022. Detrimental losses such as these are often concerning for crypto investors, yet there may be a silver lining behind decreasing assets for investors reporting crypto on […]
Arizona lawmakers seek to make crypto a tax-exempt property Lawmakers in the Arizona State Senate are considering a bill aimed at having voters decide whether virtual currency is exempt from property taxation. In legislation introduced to the first session of the Arizona State Senate in 2023, Senators Wendy Rogers, Sonny Borrelli, and Justine Wadsack proposed having Arizona residents decide on amending the state’s constitution […]
US tax law firm wants to help crypto users The law office of David W. Klasing has urged crypto market participants who haven’t been filing taxes to come forward and seek assistance before the IRS and the Department of Justice clamp down. David Klasing courts crypto tax evaders Citing the April 2021 order by the Department of Justice, in which it authorized the IRS […]
Terra accidental airdrop leads to smear campaign, community member claims Terraform Labs (TFL), the firm behind the defunct algorithmic stablecoin TerraUST (USTC), and its co-founder Do Kwon is back in the limelight again for allegedly running a smear campaign and issuing threats against one of their own community members. It all started in the month of May with the genesis airdrop that was planned after […]
Romania Carries Out Raids as Part of Crypto Tax Evasion Probe Authorities in Romania have conducted more than a dozen raids against people suspected of hiding income from cryptocurrency operations. The searches took place in late 2022 following an earlier investigation which established that crypto traders had failed to report digital assets exceeding $50 million in value. Law Enforcement and Tax Authorities in Romania Go After […]
Crypto Miners in Kazakhstan Start Paying Higher Electricity Fees Since the beginning of 2023, cryptocurrency miners operating in Kazakhstan are obliged to pay new fees for the power they need to mint digital coins. A surcharge introduced in 2021 now depends on the price of electricity consumed by bitcoin farms and can be much higher than the original levy. New Year Brings Higher Costs […]
ECB official urges CBDC development for the good of cryptocurrency and consumers European Central Bank (ECB) executive board member Fabio Panetta has been a vocal supporter of central bank digital currency (CBDC) and cryptocurrency sceptic, and he presented his latest argument for CBDC on Jan. 5. Writing on the official ECB blog, he said that, by developing CBDCs, central banks “will safeguard the trust on which private […]
Italy approves 26% capital gains tax on cryptocurrencies On Dec. 29, 2022, days before the year’s end, Italy’s Senate approved its budget for 2023, which included an increase in taxation for crypto investors — a 26% tax on capital gains on crypto-asset trading over 2,000 euros (approximately $2,13 at time of publication). The approved legislation defines crypto assets as “a digital representation of value […]
Italian Parliament Approves 26% Tax for Cryptocurrency Gains in 2023 Budget Law The Italian Parliament has introduced a 26% capital tax on cryptocurrency gains as part of the 2023 budget law, which was approved on Dec. 29. The document also offers incentives for taxpayers to declare their cryptocurrency holdings, proposing a 3.5% aliquot for undeclared cryptocurrencies held before Dec. 31, 2021, and a 0.5% fine for each […]
SBF stays at parents’ house on a $250 million bail: Law Decoded, Dec. 19-26 Former FTX CEO Sam Bankman-Fried landed in the United States on Dec. 21. And, at least till the end of his court cases, he will live with his parents in Palo Alto, California. A bail was granted to SBF on the conditions of a $250 million bond, home detention, location monitoring and the surrender of […]
US Government Delays Tax Reporting Rules for Cryptocurrency Brokers The enforcement of a requirement for brokers to report gains made by crypto investors has been postponed by the U.S. Treasury Department and the IRS. The new tax rules, incorporated into the $1 trillion infrastructure bill passed by the U.S. Congress in 2021, were to be imposed in 2023. Crypto Brokers Told to Comply With […]
SEC charges are a tax win for FTX investors who lost cash FTX founder Sam Bankman-Fried has received official criminal charges after the collapse of his cryptocurrency exchange, which is more than just a moral victory for the exchange’s roughly 1 million individual investors. While not locked in yet, things appear to be on track for these investors to take a more favorable tax position as SBF’s […]
Kenyan legislation establishes crypto taxation, creates consumer protections An amendment was introduced to the Kenyan law in capital markets on Nov. 21 that would require those who own or deal in cryptocurrencies to provide the country’s Capital Markets Authority with information on their activities for tax purposes, local media report. This is the first time Kenya has extended financial regulation to cryptocurrency. Under […]
Bank of Russia Suggests Tax Cuts for Long-Term Digital Asset Holders The Central Bank of Russia is proposing to introduce tax incentives for long-term holders of digital financial assets. The idea has been circulated with a consultation paper published for public discussions on the development of the digital asset market in the Russian Federation. Bank of Russia Talks Regulation in New Report Devoted to Digital Assets […]
India’s Tax Authority Asks Crypto Exchanges for Details of Coins Traded on Their Platforms India’s tax authority has reportedly asked major cryptocurrency exchanges in the country to provide information pertaining to the coins traded on their platforms. The tax authority is also evaluating the taxability of crypto transactions to determine if the goods and services tax (GST) can be applied to them. Indian Crypto Exchanges to Provide Details of […]
Rich Indians Buying Homes In Dubai With Crypto Are Entering Into A Legal Trap According to reports, wealthy Indians are using crypto to buy houses in Dubai. Major real estate firms in the Emirate are taking digital currencies in exchange for houses. However, experts believe such a move could backfire in the long run. Wealthy Indians Breaking Laws To Use Their Cryptos Although most rich Indians are buying homes […]
The Dangerous Implications Of Central Bank Digital Currencies Natalie Smolenski is a senior advisor at the Bitcoin Policy Institute and executive director of the Texas Bitcoin Foundation, and Dan Held is a Bitcoin educator and marketing advisor at Trust Machines. This article is an excerpt from the Bitcoin Policy Institute whitepaper “Why the U.S. Should Reject Central Bank Digital Currencies (CBDCs),” written by […]
